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Money and Finances
Reply to "Taxes - lots of deductions/losses"
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[quote=Anonymous]Because of an inheritance we have fairly complicated taxes this year. We took a loss on both an inherited rental property (partnership return) and on the sale of an inherited property (capital loss), and on the final trust tax return which was closed due to inheritance. These things combined reduce our taxable income substantially (e.g. by about 60 percent) and our tax liability by several thousand. Our total income is always below $90k, so we're not high earners. All the losses are legitimate but I wonder if the sheer number of them makes us an audit risk? We do our taxes ourselves.[/quote]
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